EU Central Bank team to visit TRNC in November

EU Central Bank team to visit TRNC in November

A delegation from the European Central Bank is due to arrive in North Cyprus next month to carry out work on transferring to the euro in the event of a settlement.

The head of the European Union harmonisation committee at the TRNC Assembly and Republican Turkish Party-United Forces (CTP-BG) deputy Armagan Candan, told BRT about the ongoing efforts to adopt the euro, if and when a solution to the Cyprus problem is found.

A team of experts from the European Central Bank will hold a series of meetings with officials from the Turkish Cypriot Central Bank, the bi-communal technical committee on economy, as well as the EU Ad-Hoc Committee. Candan said that the experts will look into how long it will take to switch to the euro.

“The team of experts will determine how long it will take the Turkish Cypriot constituent state to switch to the euro and for how long it will continue to use the Turkish Lira. This can be perceived as an important signal that a solution is close”, Candan added.

He also pointed out that both the EU and other international financial institutions which could make important contributions towards solving the Cyprus problem, needed to see a success story in the Eastern Mediterranean. “This story could be written in Cyprus” he said.